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June 2024 (published: 06.06.2024)
Number 2(57)
Home > Issue > Climate change, economic growth and financialization: current status
Klioutchnikov I.K. , Klyuchnikov O.I., Molchanova O.A.
The aim of the presented article is to find original approaches to the analysis of economic growth and climate change that arise during the transformation of the process of financialization of the economy. Methods: The research is based on an evolutionary analysis of the interaction of such systems as financialization, economic growth and climate change in the context of ecosystem and network approaches, as well as considering economic, social and environmental expediency. Results: Justification of the need to include nature and environmental costs in the market turnover during the financialization of the economy. The review of publications on the topic, as well as the evolutionary analysis of financialization and economic growth, indicates the transition to a new stage of the impact of finance on development, which has great potential for harmonizing human interaction with nature. Innovative effects of green financing are revealed, as well as new drivers of development and transformational financial processes that put pressure on economic growth and nature are identified. A model has been developed to analyze the role of financialization mediated by economic development and institutions in climate change. Conclusions and Relevance: The following statements are made in this study. 1. Climate change is a global phenomenon, it can be traced through the concept of financialization, which, among other things, reveals the causes and conditions for financing industries with a high level of pollution, as well as defines a green financial transition. 2. Stable stereotypes of financial decisions remain, which are conceptualized as a reflexive resource-cost approach. Under the influence of the current conjuncture, this approach is temporarily gaining strength. 3. The combination of financing economic growth with an effective fight against climate change is within the broader environmental and social challenges associated with creating conditions for sustainable development. 4. The goal of green financial restructuring is to turn the pressure of economic growth on climate change into an innovative driver of development through new financial solutions and mechanisms.
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Keywords: financialization, green transition, climate change, economic growth, green finance, environmental security.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 330.01 336.01
Climate change, economic growth and financialization: current status
The aim of the presented article is to find original approaches to the analysis of economic growth and climate change that arise during the transformation of the process of financialization of the economy. Methods: The research is based on an evolutionary analysis of the interaction of such systems as financialization, economic growth and climate change in the context of ecosystem and network approaches, as well as considering economic, social and environmental expediency. Results: Justification of the need to include nature and environmental costs in the market turnover during the financialization of the economy. The review of publications on the topic, as well as the evolutionary analysis of financialization and economic growth, indicates the transition to a new stage of the impact of finance on development, which has great potential for harmonizing human interaction with nature. Innovative effects of green financing are revealed, as well as new drivers of development and transformational financial processes that put pressure on economic growth and nature are identified. A model has been developed to analyze the role of financialization mediated by economic development and institutions in climate change. Conclusions and Relevance: The following statements are made in this study. 1. Climate change is a global phenomenon, it can be traced through the concept of financialization, which, among other things, reveals the causes and conditions for financing industries with a high level of pollution, as well as defines a green financial transition. 2. Stable stereotypes of financial decisions remain, which are conceptualized as a reflexive resource-cost approach. Under the influence of the current conjuncture, this approach is temporarily gaining strength. 3. The combination of financing economic growth with an effective fight against climate change is within the broader environmental and social challenges associated with creating conditions for sustainable development. 4. The goal of green financial restructuring is to turn the pressure of economic growth on climate change into an innovative driver of development through new financial solutions and mechanisms.
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Keywords: financialization, green transition, climate change, economic growth, green finance, environmental security.
DOI 10.17586/2310-1172-2024-18-2-32-47